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Extending the Bush Tax Cuts for the Middle Class

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November 21, 2010 – Comments (6) | RELATED TICKERS: H , MMM

It is interesting to me that we are talking about incomes ranging from $10,000/year all the way up to $500,000/year as when we talk about extending "middle class" tax cuts.

Extending the middle class tax cuts on all income except the portion above $500,000.

If only the "middle class" tax cuts are extended, a household in the lowest tax bracket - the 10% bracket that Bush created - will receive a maximum tax cut of $53.00.

If only the "middle class" tax cuts are extended, a household earning the median US income of $46,000 - thats half of you, - will receive a tax cut slightly less than $916.00.

If only the "middle class" tax cuts are extended, a household earning $500,000 - in the highest "middle class" tax bracket - will receive a tax cut of $6,743.00

If only the "middle class" tax cuts are extended, a household earning $1,000,000.00 or more in the highest tax bracket - incomes more than $1,000,000.00 - will receive a tax cut of $6,349.00.

Regardless of which income levels get tax cuts, all the higher income levels also get the same benefit on that portion of their income.

http://www.cbpp.org/cms/?fa=view&id=3263 

 

 

6 Comments – Post Your Own

#1) On November 21, 2010 at 9:23 AM, brizzlekizzle (37.03) wrote:

Its a trick on non educated people, these tax cuts. They cut obvious taxes while increasing spending, and then tax the value of our money to pay for it, but the sham is still pretty hard to identify so it works.

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#2) On November 21, 2010 at 10:44 AM, Option1307 (29.92) wrote:

In fact, high-income people actually receive much larger benefits in dollar terms from the so-called “middle-class tax cuts” than middle-class people do.[1]

Ya, so? This is simply b/c the tax cuts and taxes in general are figured out via precentages, not absolute dollars. I assumed this was obvious and a well known fact to all Americans.

I'm not criticizing you Devoish, I was just surprised the article made such a big deal about this fact. It should be common knowledge to all. 3% of 1M is a lot more than 3% of 50K.

Enjoy your weekend.

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#3) On November 21, 2010 at 7:40 PM, devoish (97.62) wrote:

Option1307,

Perhaps anyone who can add and earns less than $100k might consider themselves better of without the bush tax cuts and with the entitlement programs.

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#4) On November 23, 2010 at 11:38 AM, Melaschasm (55.96) wrote:

I am not sure exactly what point is supposed to be made with this blog. 

Are you criticizing democrats for supporting 'middle class' tax cuts that will also benefit the rich?

 

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#5) On November 26, 2010 at 7:56 PM, devoish (97.62) wrote:

Melaschasm,

It just seemed to me that most discussions of middle class tax cuts seem to forget that the wealthiest benefit more than the middle class from those middle class tax cuts. So I thought I would point out what is obvious to Option but seems lost in discussion.

I was trying to leave criticisms of democrats for supporting tax cuts that will benefit the rich, and criticisms of republicans for not supporting tax cuts that will benefit the rich to your own values.

I glad you noticed that little freedom from propoganda.

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#6) On November 27, 2010 at 9:56 AM, devoish (97.62) wrote:

I glad = I am glad

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